COMPANY NEWS

Press, Volume LXXXIII, Issue 25227, 4 July 1947, Page 10

COMPANY NEWS

SMITH’ and smith, LIMITED INCREASE IN CAPITAL (P.A.) WELLINGTON, June 3. The shareholders in Smith and Smith, Ltd., have passed resolutions approving of an increase in capital from £150,000 to £350,000. The increase is effected, (a) by the creation of 10,500 ordinary shares of £lO each, bringing the ordinary share capital to £2lO. These shares are to be issued, share for share, to existing ordinary shareholders, £105,008 of general reserve being drawn upon for the purpose; (b) by the issue of 95,000 £1 “B” redeemable preference shares, bringing the preference share capital to £140,000. The “B” preference shares rank pari passu with the existing preference shares, having priority over all other shares both as to dividend and capital, and have the right to a fixed cumulative preferential dividend at the rate of 4 per cent, per annum. These shares are offered to existing shareholders and depositors upon the following conditions:— “B” preference shares may at 4 the option of the company be redeemed on or after June 30, 1952, and redemption shall be subject to the requirements of section 57 of the Companies Act, 1933, to be effected as follows:—(a) “Provision for redemption shall be made by the directors by appropriation to a special reserve fund out of the profits of the company, otherwise available for a dividend of an annual sum equivalent to 2 per cent, of the nominal value of the shares; (b) redemption may be effected of any number of shares as the directors may decide from time to time, the shares to be redeemed being determined by lot; (c) the value of each of the shares for purposes of redemption shall be deemed to be 21s; (d) there shall be added to the amount payable on redemption a sum representing the proportion of the current year’s dividend which shall be deeemed to have accrued to the date of redemption.’’

NEW PUBLIC COMPANY

WHAKATANE BOARD MILLS, LIMITED ** The Press ” Special Service AUCKLAND, July 3. A new public company with a capital of £1,750,000, Whakatane Board Mills, Ltd., has been registered in Auckland as part of a capital reorganisation scheme of Whakatane Paper Mills, Ltd. The new company, which will operate “active” assets of the old organisation's cardboard mill and its adjuncts, will be controlled by Whakatane Paper Mills, Ltd. The capital of the Board Mill Company comprises £1 shares, of which 493 have been subscribed for by Whakatane Paper Mills. The subscribers of the other six shares so far allotted are G. H. Mackley, G. S. Crimp (Wellington); H. H. Corbin, W. G. Clavis, S. J. Robinson (Auckland); and E. B. Brown (Whakatane). The first directors will be Messrs Mackley, Crimp, Corbin, Robinson, R. Hansen, and C. H. Fisher, all of whom are directors of Whakatane Paper Mills. Messrs Hansen and Fisher have undertaken to take one qualifying share each. The registered office of the company is at the premises of the parent company at Whakatane. The objects are to acquire that part of the undertaking of Whakatane Paper Mills consisting of the business of manufacturing and dealing in woodpulp and cardboard now being carried on at Whakatane, and to carry on as manufacturers of and dealers in pulps, papers, and boards, and things of all kinds made from pulp paper or board. Mr Mackley is chairman and managing director of Whakatane Paper Mills, which is registered in Sydney. Eight of the 19 directors of the paper mills are resident in New Zealand, the other two, Messrs Hansen and Fisher, being resident in Australia.

PARITY OF EXCHANGE

UNITED KINGDOM NOT INTERESTED (N.Z. Press Association—Copyright) LONDON, July 2. Questioned in the House of Commons as to whether he would consider the desirability of entering into negotiations to establish parity of exchange between the United Kingdom, Australian, and New Zealand £ sterling, the Chancellor of the Exchequer (Dr. Hugh Dalton) replied: “No, sir.” To a* supplementary question inquiring whether the change would not assist the trade of the countries concerned, the Chancellor replied that he doubted if the change would be in the interests of the United Kingdom. He added: “As it has not *been raised by either of the two Dominions, I think it would be a mistake for us to initiate the matter.”

Berlei Dividend.—A special interim dividend of Is 6d a share is announced by Berlei (N.Z.), Ltd., for the half-year ended June 19, payable on July 17. The rate is equal to 7J per cent. The rate of dividend is unchanged.—(P.S.S.) New Company Registered.—The following new public company has been registered in Auckland:—Tivoli Circuit New Zealand, Ltd., Auckland, with a capital of £10,000 in £1 shares. The subscribers are Messrs J. Grierson, A. C. Gooda're, N. M. F. Gibson, J. W. Coney, C. R. Howard, W. D. Liggins, D. F. Brock, one share each. Objects: Proprietors of theatres, music halls, music and dramatic publishers, play producers, etc.—(P.S.S.) FOREIGN EXCHANGE RATES

Telegraphic transfer rates for exchange on the following centres are quoted in Christchurch as follows:— London on N.Z. Buying. Selling. Air mail £E100 to £N.Z., .. £125/12/8 £124/7/6 Sea mail £E100 to £N.Z. .. £126/2/6 £124/7/6 N.Z. on:— U.S.A.: Air mail £N.Z. to dollar .. 3.2548 — London: Air mail £E100 to £N.Z. .. £124/0/6 £125/-/-Sea mail £E100 to £NZ. .. £123/15/3 £125/-/-Aust. £ N.Z.100 to £A .. £110/10/- £100/-/-U.S.A £N.Z. to dot 3.2580 3.2070 Can. £N.Z. to dol 3.2643 3.2070 Belg. £N.Z. to frs. 144 36 140.00 Cz. Slov. £N.Z. to crn. . 165.61 159.00 Den'mk. £N.Z. to kr 15 87 15.26 Egypt £ Eg.100 to £N.Z. .. £126/5/3 £128/12/6 Fiji £N.Z.100 to £B £90 £88/12/6 France £N.Z. to frs. 392 7 381.36 Ind.. Cey., rup. to £N.Z. .. 22 3-32 22 47-64 Holld £N.Z to glds 8.70 8.48 Hong Kong dol. to N.Z.d .. 18 17-64 19 5-64 Java £N.Z. to glds. u.69 8.48 Norway £N.Z. to kr 16.4 15.78 Pales. £P100 to £N.Z. £123/2/- £125/8/3 Philip. Is. £N.Z. to pes. .. 6.60 6 44 Rhodesia £R100 to £N.Z. £123/13/9 £125/10/Sing., do-1, to N.Z.d. 34 39-64 35 21-32 South Africa £S.A. 100 to £N.Z. .. £122/-/- £125/3/9 Sweden £N.Z. to kr 11.81 11.5 Switz. £N.Z. to S. frs. .. .. 14.07 13.74